I work 40hrs per week as engineer, and 15 hrs in real estate business, taking care of rental property, showing properties, negotiating contracts. I don't quite understand if I meet the requirement for real estate professional: more than one-half of the personal services you provided during the year were performed in a real property trade or business in which you materially participated. how to calculate the personal service time? For me, it's 55 hrs per week, or it's 15 hrs per week? Does my full time job also count?
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That depends on the nature of your work. A real property trade or business is any business that involves property:
- Development
- Construction
- Redevelopment
- Reconstruction
- Acquisition
- Conversion
- Rental operation
- Management
- Leasing
- Brokerage
If your job falls in one of these categories, keep in mind that IRS rules state that " Do not count personal services you perform as an employee in real property trades or businesses unless you are a 5% owner of your employer."
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